Below Is a List of Key Terms

question 61

Short Answer

Below is a list of key terms.
a) additional Mark up
b) allowance method
c) conventional retail method
d) markdown cancellation
e) net realizable value
f) net additional markup
g) markup
h) gross profit method
Required:
Match each key term with the appropriate definition.
______ 1) Total markup less markup cancellations.
______ 2) Increase in selling price after there has been a markdown.
______ 3) Cost to selling price.
______ 4) Can be used by an auditor to verify the cost of inventory.
______ 5) Also known as the retail inventory method.
______ 6) Increase above the original sale price.
______ 7) The loss is recorded in a separate inventory account.
______ 8) Estimated selling price less costs of completion or disposal.

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Definitions:

Cognitive Dissonance

The mental discomfort experienced by a person who holds two or more contradictory beliefs, values, or ideas at the same time.

Stimulus Generalization

A psychological phenomenon where a response to a specific stimulus also occurs in response to similar stimuli, often used in marketing to create brand families or product lines.

Calcium Supplement

a dietary product intended to provide calcium, essential for bone health and other bodily functions, to those who may not get enough from their diet.

Learned Predisposition

An acquired tendency to respond in a consistent way to a given object or entity, shaped by experiences, attitudes, and culture.